GBPUSD, potential short

Jul 26, 2018

So far the pattern is working. Retrace to 38.2% then up to extension of 1.618. It could still go higher in theory up to 2.618 extension. The uptrend line within the channel provides a good RRR for a short position. Wait for the break of the trend line and support.
Happy Trading!

Jul 26, 2018

Note

Jul 26, 2018

Note

Strong rejection at the 200 SMA, but pattern and trend line break working well.

Jul 29, 2018

Note

Jul 29, 2018

Note

Trade went very well, hit the 38.2% retracement and then pulled back, also to 38.2% on the US data release. Let's see which way it goes, but decent profit was made already.